( MENAFN - GlobeNewsWire - Nasdaq LO)NDON, July 22, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the shipbuilding market, the industry is increasingly using options that lessen the impact on the environment. Shipbuilding companies around the world are increasingly using green shipbuilding technologies to comply with environmental rules and regulations. Technologies being used for shipbuilding include ships with no ballast systems that block organisms entering the ship and eliminate the need for sterilization equipment, sulphur scrubber systems, waste heat recovery systems, speed nozzles, exhaust gas recirculation systems, advanced rudder and propeller systems, fuel and solar cell propulsion systems and use of LNG fuels for propulsion and auxiliary engines. Ships built using these technologies have significant energy savings and low carbon emissions.
For instance, Peace Boat, a Japanese non-profit NGO has entered into an agreement with Finnish shipbuilding company Arctech Helsinki Shipyard for the construction of Ecoship, the world's greenest cruise vessel. Dean Shipyards Group is also coordinating a green LeanShips project aimed at creating less polluting vessels. NYK has announced ECO SHOPIS 2030 which will have 69% less CO2 emissions. It is expected to run on fuel cell technology including solar cell and wind sails.
Asia-Pacific is the largest region in the ship building market, accounting for a massive 50.0% of the total in 2020. It was followed by the Western Europe, North America then the other regions. Going forward, the fastest-growing regions in the ship building market will be Middle East and Africa where growth will be at CAGRs of 8.4% and 7.1% respectively during 2020-2025. These will be followed by Eastern Europe and South America, where the markets are expected to register CAGRs of 6.64% and 6.55% respectively during 2020-2025. TBRC's report also includes information on the top shipbuilding countries in the world 2020 and their forecast numbers.
The Business Research Company 's report titled Ship Building Global Market Report 2021: COVID 19 Impact and Recovery to 2030 covers major shipbuilding companies, shipbuilding market share by company, shipbuilding manufacturers, shipbuilding market size, and shipbuilding market forecasts. The report also covers the global shipbuilding market and its segments.
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The global ship building market is expected to grow from $147.98 billion in 2020 to $158.18 billion in 2021 at a compound annual growth rate (CAGR) of 6.9% . The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $186.6 billion in 2025 at a CAGR of 4.2% .
Another environmentally friendly approach in the industry includes the source of energy used in both shipbuilding as well as the ships themselves. Shipbuilding companies are increasingly investing in the development of solar and wind powered ships to lower the harmful emissions and fuel consumption. Solar and wind powered ships utilize wind energy, solar energy, or both as a source of energy for production of hydrogen fuel cells, or production of electricity to propel the motor and run the ship. These vessels are also built with fossil-fuel powered engines for emergency operations. Currently, Wallenius Marine, a Sweden based ship design and management company is developing 200-meter-long wind powered cargo ship with capacity to carry 7,000 cars and ability to reduce carbon emissions by 90% compared to the conventional ship.
In November 2018, Neoline SAS, entered into strategic partnership with France-based automobile manufacturer Groupe Renault for development of two wind-powered car carrier with capacity to reduce carbon emissions by 90%.
Ship Building Global Market Report 2021: COVID 19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Ship Building and Repairing Market - By Type Of Service (Ship Building, Ship Repairing), By Type Of Vessel (Passenger, Offshore, Containerships, Tankers, Refrigerated Vessels, Bulkers, Others), By End-Use (Goods Transportation, Passenger Transportation), And By Region, Opportunities And Strategies - Global Forecast To 2023
Boat Building Market - By Type (Recreational Boats, Commercial Boats, Military Boats), By Propulsion ( Motorboats , Sail Boats), By Application (Private Use, Commercial Use, Military Use) And By Region, Opportunities And Strategies – Global Forecast To 2030
Water Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030
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